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 Talk about bad timing. Mitsubishi UFJ Financial Group invested $9 billion in Morgan Stanley only hours before one of the worst days ever on Wall Street began and is already looking at a steep loss of $506 million on paper, according to Bloomberg.
The deal, which gave the Japanese bank a 21% stake in Morgan Stanley,
entailed MUFG acquiring $3 billion of common stock at $25.25 per share,
and another $6 billion in preferred stock with a conversion price of
$31.25 per share. With the ink on the deal hardly dry, Morgan Stanley
was socked for a 15% loss after the House of Representatives failed to
pass the bank bailout package. Shares of Morgan closed at $20.99. -
George White
See Bloomberg story See Dealscape post on MUFG investment Categories Deal Video
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